Debt recovery involves a creditor seeking to receive money which they are owed usually under the terms of a verbal or written contract. There are often disputes about the quantum owed, the date the debt was payable, and whether there is a right of set off. Set off is where a person who has incurred the outstanding debt deducts money they believe they are entitled to, from the total amount payable to the creditor.
Alternative dispute resolutions are available during debt disputes. Typically, the most common mechanism undertaken is negotiation. This involves the parties discussing their view as to the amount payable with the aim of reaching an agreement on the creditor's entitlements. Other processes such as conciliation and mediation are also available however, their utilisation is usually influenced by the value of the debt. The greater the debt, the more common it is for parties to be willing to invest in the cost of conciliation and/or mediation.
If you wish to speak with one of our Debt Recovery Lawyers, please contact our firm by telephone on (02) 9233 4048 or send an email to info@navado.com.au.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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If you require assistance with a matter, you should make an appointment to see one of our Lawyers in one of the following locations:
- Sydney
